ConocoPhillips Q2 earns, rev. rise

NEW YORK (CBS.MW) -- ConocoPhillips
COP, +1.99%
reported second-quarter earnings of $2.08 billion, or $2.97 a share, up from $1.73 a share in the same period a year ago, as higher crude oil prices, which was partially offset by lower volumes and higher costs, led to a 7.7 percent increase in exploration and production income. Earnings from continuing operations were $2.88 a share. Analysts surveyed by Thomson First Call had been expecting earnings of $2.93 a share, on average. Revenue rose 25 percent to $31.9 billion. The oil driller's stock closed Tuesday up 77 cents at $76.90.

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